Economics is "a social science concerned chiefly wi description an analysis o the production, distribution, an consumption o guids an services".[1][2]

Economics focuses on the behaviour an interactions o economic augents an hou economies wirk. Microeconomics analyzes basic elements in the economy, includin individual augents an mercats, thair interactions, an the ootcomes o interactions. Individual augents mey include, for ensaumple, hoosehauds, firms, buyers, an sellers. Macroeconomics analyzes the entire economy (meanin aggregatit production, consumption, savins, an investment) an issues affectin it, includin unemployment o resoorces (labour, caipital, an laund), inflation, economic growthe, an the public policies that address thir issues (monetary, fiscal, an ither policies).

Ither braid distinctions athin economics include thae atween positive economics, descrivin "what is", an normative economics, advocatin "whit shoud be"; atween economic theory an applee'd economics; atween raitional an behavioural economics; an atween mainstream economics an heterodox economics.[3]


  1. "Economics". Merriam-Webster.
  2. "economics". Oxford English Dictionary (3rd ed.). Oxford University Press. September 2005. (Subscription or UK public leebrar membership required.)
  3. Caplin, Andrew; Schotter, Andrew, eds. (2008). The Foundations of Positive and Normative Economics: A Handbook. Oxford University Press. ISBN 0-19-532831-0.